Buying a home is usually a lengthy process, but there are steps buyers and sellers can take to shorten the process. When it comes to making an offer, the amount of time the seller takes to consider the offer can play a significant role in determining how long it takes to complete a real estate transaction.
There’s Not a Standard Time a Seller Has to Accept an Offer for Their Real Estate in Mount Dora
There’s an unwritten expectation that a seller should respond to an offer within 48 hours, but the seller might take longer in certain situations. For example, a buyer might not receive a response until Monday if they submitted their offer on a Friday. Typically, the seller will try to respond within 24 hours.
In some cases, the listing agreement between the real estate agent and the seller might specify a time limit for sellers to respond to offers. If an agent represents a large number of sellers who take too long to respond, their professional reputation may suffer. For that reason, many agents try to commit their clients to that 48-hour grace period.
When Does It Take Longer to Consider an Offer?
When real estate in Mount Dora is performing well, there will be more buyers in the market. This means a seller might be considering several offers at once. In that case, you should expect a delay in getting a response from the seller.
In particular, an offer that’s considerably lower than other offers won’t be a priority for the seller. They will probably respond to the highest offers first.
The Buyer Can Set a Time Limit
As the buyer, you‘re not powerless to affect this waiting period after submitting your offer. You can place an expiration on your offer to expedite the seller’s decision-making process. If you set a 48-hour time limit, and the seller doesn’t respond within those 48 hours, you’re no longer obligated to honor your initial offer.
If the time limit does expire, you can either negotiate a new offer or continue your search for new homes in Mount Dora, Florida. Starting the negotiating process over is more common in a real estate market with a low inventory of homes since buyers’ choices are more limited.
If the seller submits a counteroffer, it will fall upon the buyer to respond to the offer within a reasonable amount of time. In most cases, the seller will set a time limit on how long the buyer has to respond to the counteroffer.
Be Prepared to Make Your Offer
You can entice a seller to accept your offer sooner if you’re prepared to move forward with the closing. Before you make an offer on your home, get a pre-approval letter from your lender. This shows the seller that you’re a buyer who is serious and well-prepared to follow through with the transaction. That can encourage them to more readily accept your offer.